Government & Politics
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Fiscal implications of the ECB’s bond-buying program
Jun 14, 2015
The monetary-fiscal policy connection is under scrutiny by the German Constitutional Court in the context of the ECB’s OMT bond-buying programme. This column argues that most analyses are deeply flawed by the misapplication of private-company default principles to the central bank. ECB bond-buying transforms public bonds into monetary base, and sovereign-default risk into inflation risk. The real question is: What is the non-inflationary limit to money-base expansion? This depends upon the economic situation and is much higher in the current liquidity-trap setting.
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How Elite Power Brokers Corrupt our Finances, Freedom, and Security
Jun 14, 2015
Janine Wedel charts the fast–evolving system of power and influence. Who is accountable? What are the remedies available to the average citizen?
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The Long Road Back Toward Ethical Banking Practices
May 20, 2015
How do we rebuild trust in financial services?
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Adair Turner on Debt
May 13, 2015
The former chairman of Britain’s Financial Services Authority and author of the forthcoming book “Between Debt and the Devil” explains why private debt, not banks, deepened the financial crisis and continues to cause trouble today.
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UK Election: A Tale Of Two Nations
May 11, 2015
Yes, it is a tale of two nations, but in a much broader way than you think. Not just England and Scotland, but an equally salient parallel between Great Britain and Canada.
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Want to Take on Financial and Governmental Corruption? Hire Women.
May 5, 2015
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Finance & Society
ConferenceMay 5–6, 2015
Senator Elizabeth Warren, Federal Reserve Chairman Janet Yellen, and IMF Managing Director Christine Lagarde joined a renowned group of globally influential women in discussing how the financial system can be re-imagined to truly benefit society.
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Finance & Society
May 4, 2015 | 02:30—05:30
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Working Paper Series
An Economical Business-Cycle Model
Apr 2015
In recent decades, advanced economies have experienced low and stable inflation and long periods of liquidity trap. We construct an alternative business-cycle model capturing these two features by adding two assumptions to a money-in-the-utility-function model: the labor market is subject to matching frictions, and real wealth enters the utility function. These assumptions modify the two core equations of the standard New Keynesian model
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Greece and the Eurozone
Apr 14, 2015
Yanis Varoufakis and Joseph Stiglitz discuss Greece’s financial challenges and the associated Eurozone politics in this exclusive conversation.
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The Eurozone Crisis: Fiscal Profligacy Or Capital Flows As Final Causes
Apr 10, 2015 | 06:30—08:00
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Ukraine & The Future of Europe
Apr 10, 2015 | 08:00—08:30
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Conference paper
How Money Drives US Congressional Elections: More Evidence
Apr 2015
“Because many interests come into play in the financing of an election campaign and then they ask you to pay back. So the election campaign should be independent from anyone who may finance it.” - Pope Francis
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Conference paper
Gordian knot: A panoramic perspective on stemming illicit financial flows from Africa
Apr 2015
Pushing this strand of research brings a certain feeling of trepidation. It comes from recognizing that by openly elaborating on how to catch or deter a criminal, you thereby confer an undue advantage on the criminal through forewarning.
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Conference paper
Towards a Sovereign Debt Restructuring Framework
Apr 2015
Initiatives to improve sovereign debt restructuring (“SDR”) began long before recent Argentine bond decisions but were redoubled in the aftermath of these rulings. At first glance, these cases identify problematic contract language that could be rectified by re-drafting critical boilerplate provisions such as the pari passu and collective action clauses (“CAC”).